South African financial services firm Investec Ernst & Company has entered a multi-year agreement with ADP Investor Communication Services to use its automated new account opening, scanning and imaging process.
ADP's new browser-based data entry system enables financial advisors to complete applications online rather than on paper. Forms, applications, welcome kits, customer agreements and other documents are then electronically scanned for distribution and storage, and vital customer information is automatically extracted and transmitted to update the firm’s name and address system.
Investec will be one of the first users of the software.
As part of the service agreement, ADP will electronically archive Investec’s library of approximately one million new account related documents, which will allow financial advisors to access information quickly, no matter how dated an account may be.